updated 06:40 pm EDT, Fri May 11, 2012
LinkedIn triumphant, Apple climbs; First Solar, Google gone
On May 7, Forbes published its annual list of the top 25 fastest-growing technology companies. Drawn from a pool of more than 5,000 publicly-traded technology companies, listees must have a sales growth of 10 percent or more for each of the last three fiscal years, a minimum revenue of $150 million, and a minimum market value of $500 million. Six companies have gained place on the list, or held steady. There are 15 new entries in the top 25.
In its first year of eligibility, LinkedIn tops the list, unseating First Solar. Applecontinues it's year over year climb, but has very little room left to go with an amazing 14 point ascension from position 16 to number two. Other notable increases include data center provider Equinix moves to the fifth position from twelfth, Cognizant Data Solutions climbing to nine from 11, and data security company Fortinet rising to 16 from 20.
Notable drops include Google due to a slower than expected sales growth. It dropped completely off the list from position 17, Rackspace Hosting slipping seven slots to position 18, Red HatRed Hat falling to position 21, and previously-mentioned embattled solar energy provider First Solar disappearing completely off the list following a terrible financial year involving operational closures and mass layoffs. Scientific companies ViroPharma, Cubist Pharmaceuticals, Celgene, and Gilead Sciences have departed the top 25 all due to sagging sales as a result of a still struggling economy.
Other than list leader LinkedIn, notable list additions include wireless network equipment manufacturer Aruba Networks, Shutterfly at position 10, and Ancestry.com at 15. Athenahealth, a company specializing in electronic medical record software founded in 1997 makes the list for the first time, debuting in the fourth position primarily from increased sales due to US Government digital medical record migration deadlines that expired January 1, 2012 established by the health insurance portability and accountability act (HIPAA) legislation for public health care providers. [via Forbes]